Nine free agents reject qualifying offers

All nine free agents whose teams extended them qualifying offers for the 2018 season rejected the offer and will instead hit the open market, seeking multiyear deals.

Teams had until 5 p.m. ET last Monday to extend their prospective free agents a qualifying offer -- a one-year contract worth $17.4 million (the amount is the mean salary of MLB's 125 highest-paid players). Nine players received such an offer and had 10 days to accept or reject it. The deadline was Thursday at 5 p.m.

All nine free agents whose teams extended them qualifying offers for the 2018 season rejected the offer and will instead hit the open market, seeking multiyear deals.

Teams had until 5 p.m. ET last Monday to extend their prospective free agents a qualifying offer -- a one-year contract worth $17.4 million (the amount is the mean salary of MLB's 125 highest-paid players). Nine players received such an offer and had 10 days to accept or reject it. The deadline was Thursday at 5 p.m.

The qualifying offer system has been in place since the 2012-13 offseason. No one accepted the qualifying offer in the first three years, and a total of five accepted over the past two offseasons, for a combined five acceptances out of 73 in the first six years of the QO system. The rules regarding Draft pick compensation for signing players who rejected QOs changed a bit with the implementation of the new Collective Bargaining Agreement prior to the 2017 season, and the penalties for signing such players are less strict.

Here are the nine free agents who received (and rejected) qualifying offers from their teams and what Draft compensation those teams stand to receive if the players sign elsewhere (a complete breakdown of the rules can be found below):

Indians - Carlos Santana:A) If he signs for at least $50 million: Pick between 1st round and Competitive Balance Round AB) If he signs for less than $50 million: Pick after Competitive Balance Round B

Rays - Alex Cobb:A) If he signs for at least $50 million: Pick between 1st round and Competitive Balance Round AB) If he signs for less than $50 million: Pick after Competitive Balance Round B

Rockies - Greg Holland:A) If he signs for at least $50 million: Pick between 1st round and Competitive Balance Round AB) If he signs for less than $50 million: Pick after Competitive Balance Round B

Royals - Eric Hosmer, Mike Moustakas, Lorenzo Cain:A) If any of them signs for at least $50 million: Picks between 1st round and Competitive Balance Round AB) If any of them signs for less than $50 million: Picks after Competitive Balance Round B

Under the previous Collective Bargaining Agreement, if a team made a qualifying offer to a player and he signed elsewhere, it would get a supplemental first-round Draft pick (right after the end of the first round). That has all changed.

Under the new rules, if the team that loses the free agent is a revenue-sharing recipient, based on its revenues and market size, then the selection -- if and only if the lost player signs for at least $50 million -- will be awarded a pick between the first round and Competitive Balance Round A of the 2018 MLB Draft. If the player signs for less than $50 million, the compensation pick for those teams would come after Competitive Balance Round B, which follows the second round.

If the team that loses the player does not receive revenue sharing and did not exceed the luxury-tax salary threshold the previous season, its compensatory pick will come after Competitive Balance Round B. The value of the player's contract doesn't matter in this case. The nine clubs that fall into this category are the Angels, Blue Jays, Cardinals, Cubs, Mets, Phillies, Rangers, Red Sox and White Sox.

If the team that loses the player went over the luxury-tax threshold, the compensation pick will be placed after the fourth round has been completed (as with the previous scenario, it doesn't matter how much the player signs for). The five clubs in this group are the Dodgers, Giants, Nationals, Tigers and Yankees.